Xi draws outline of Asia-Pacific dream

President Xi Jinping delivered the keynote address at the APEC CEO Summit in Beijing on Nov. 9, 2014, with over 1,500 business leaders from 21 APEC member economies and 17 other countries and regions in attendance.

"The developmental prospect of the Asia-Pacific depends on today's decisions and actions. We have the responsibility to create and realize the Asia-Pacific dream for people living in this region. Pursuing this dream requires us to stick to the spirit of a big Asia-Pacific family and the concept of a community of shared destiny."

Xi Jinping added that his proposed Asia-Pacific Dream involves creating a more vibrant regional economy with free trade and better investment facilitation, good roads and closer people-to-people exchanges among the 21 APEC members.

In order to achieve this, he said the region should redouble its efforts to forge a partnership of mutual trust, inclusiveness, a win-win cooperation and jointly build an open economy.

Regarding the development of the world's second largest economy, he said that China's economy has been growing steadily and that a "new normal" for it has emerged. 

The President shrugged off worries over the possible risks facing the Chinese economy as it slows down, saying that the risks are "not that scary."

"Some people worry that China's economy will fall further; can it climb over the ridge? There are indeed risks, but they are not that scary."

Official statistics show that China's economy grew by 7.3% in the third quarter this year, which is the lowest level in the past five years.

However, Xi Jinping stressed that the economy remains robust with strong job growth, low inflation, rising incomes and a shift from inducing growth via government stimulus packages to focusing on services and high-tech manufacturing.

"China's outbound investments will exceed 1.25 trillion US dollars over the next 10 years. Meanwhile, over the next five years China will import more than 10 trillion US dollars' worth of goods. China will also send more than 500 million tourists abroad over the next five years."

For the Asia-Pacific and the world at large, the President said China's development will generate huge opportunities and benefits.